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Compare Bank of America vs. Wells Fargo
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| Best for | Customer service | Young adults and teens |
| Bank accounts |
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| Unique banking features/perks | Savings roundups | Mobile budgeting tools |
| Number of branches | 3,600+ | 4,000+ |
| Number of ATMs | Approximately 15,000 | Approximately 11,000 |
| FDIC insurance | Yes, Bank of America, National Association is a member FDIC (Cert. #3510) | Yes, Wells Fargo Bank, National Association is a member FDIC (Cert. #3511) |
| Customer ratings |
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| Year founded | 1904 | 1852 |
| Check out our full Bank of America review | Check out our full Wells Fargo review |
Bank of America and Wells Fargo are national banks that operate thousands of branches all over the country. Wells Fargo has more branch locations than Bank of America, but Bank of America has the larger fee-free ATM network. The bank with more branches near you depends on where you live.
In terms of account options and customer service ratings, the banks are neck and neck. Where they differ significantly is in fees and added features.
Is Bank of America good for you?
If you live near a Bank of America branch but prefer to handle many of your banking tasks online, Bank of America could be a good fit. Bank of America was the top-ranked bank in J.D. Power's 2025 U.S. Banking Mobile App Satisfaction Study.
Through the mobile app, you can manage both your Bank of America bank accounts and Merrill investment accounts. Plus, you can turn on security alerts to protect your account. This isn't uncommon, but it's nice to see a big bank offer such a functional app.
Bank of America could also be good for building a long-term banking relationship. If you shift all of your banking to Bank of America, you can benefit from the Preferred Rewards program. With multiple accounts and credit cards, you can earn higher interest rates on deposit accounts, boosted credit card rewards, loan discounts, and more.
Is Wells Fargo good for you?
If you need personalized, in-person service, Wells Fargo is a good choice. It operates a larger branch network than Bank of America, ranking only behind Chase in branch reach. With over 4,100 domestic locations in 40 states, there's a good chance you're not too far from one.
Plus, Wells Fargo could be particularly useful if you're learning how to control your spending and build financial literacy. With its Budget Watch tool, you can create a budget, automatically track your spending in certain categories, and monitor your progress. Budgeting with your banking app can be more convenient than using a separate budgeting app.
And while Wells Fargo's savings rates are admittedly unimpressive, it offers special promotional rates on certificates of deposit (CDs) that could give you a higher APY.
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Bank of America vs. Wells Fargo: Compare checking
With either Bank of America or Wells Fargo, you can choose from a variety of checking accounts. The banks offer both low-cost and more premium options with added features.
| Bank of America Advantage Banking checking | Wells Fargo checking | |
| Banking perks |
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| Minimum deposit | $25-$1008 <p>Minimum opening deposit: $25 for Bank of America Advantage SafeBalance Banking®, $100 for Bank of America Advantage Plus Banking ® and Bank of America Advantage Relationship Banking®. </p> | $25 |
| Monthly maintenance fee | $0-$25 | $0-$35 |
| Monthly transaction limits | None | None |
| Overdraft protection | Yes, on some accounts | Yes, on some accounts |
Bank of America checking
There are four Bank of America checking accounts. SafeBalance and Advantage SafeBalance9 <p>Bank of America Advantage SafeBalance Banking® Monthly Maintenance Fee: $4.95 or $0 — No monthly maintenance fee when you meet one of the following: • an owner of this account is under the age of 25 or • maintain a minimum daily balance of $500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Plus Banking® Monthly Maintenance Fee: $12 or $0 – No monthly maintenance fee when you meet one of the following: • have at least one qualifying direct deposit of $250 or more or •maintain a minimum daily balance of $1,500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Relationship Banking® Monthly Maintenance Fee: $25 or $0 – No monthly maintenance fee when you meet one of the following: • maintain a minimum daily balance of $20,000 in your account or • are a member of Bank of America Preferred Rewards®.</p> accounts have low monthly fees and minimum deposit requirements, and offer multiple ways to qualify for fee waivers. They're checkless, meaning you can't write checks.10 <p class="">No paper check writing with this account. Pay options include a debit card, Mobile, or Online banking.<br></p>
However, the Advantage Relationship account is the only checking account option that earns interest, and it has a higher monthly fee and minimum deposit requirement.
One standout feature Bank of America has is the Keep the Change tool. Enroll your debit card in the program, and Bank of America will round up each purchase to the nearest dollar. It will then deposit the change to your savings account, helping you build your savings. Roundup features like this are relatively common among online banks and financial technology companies, like Ally and Chime®,11 <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. <br></p> 12 <p class="">Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. <br></p> but much less so among big banks.
Compare minimums and fees
| SafeBalance Banking for Family | Advantage SafeBalance | Advantage Plus | Advantage Relationship | |
| Minimum deposit | $25 | $25 | $100 | $100 |
| Monthly fee | $0 or $4.95 | $0 or $4.95 | $0 or $12 | $0 or $25 |
| Fee waiver | Yes, fee waivers for age, maintaining a daily balance requirement, or by belonging to Preferred Rewards | Yes, fee waivers for age, maintaining a daily balance requirement, or by belonging to Preferred Rewards | Yes, fee waivers for maintaining a daily balance requirement, completing direct deposit requirements, or by belonging to Preferred Rewards | Yes, fee waivers for maintaining a daily balance requirements or by belonging to Preferred Rewards |
| Interest-bearing? | No | No | No | Yes, earns 0.01%-0.02% (as of 01/01/26) APY13 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> |
Wells Fargo checking
Wells Fargo has four checking account options, ranging from the bare-bones Clear Access Checking to the premium Wells Fargo Premier account.
The Clear Access Checking option is a checkless account with a low monthly fee, and those aged 13 to 24 may qualify for a fee waiver. By contrast, the Wells Fargo Premier account is best-suited for those who want to take advantage of Wells Fargo's investment services.
Compare minimums and fees
| Clear Access Checking | Everyday Checking | Prime Checking | Premier Checking | |
| Minimum deposit | $25 | $25 | $25 | $25 |
| Monthly fee | $0 or $5 | $0 or $15 14 <p>The Wells Fargo Everyday Checking account monthly service fee is $15. Minimum opening deposit is $25.</p><br> <p>The monthly service fee can be avoided with one of the following each fee period:</p><br> <p>- $1,500 minimum daily balance.</p><br> <p>- $5,000 or more in qualifying deposit balances, investment balances, or both. On the last business day of each fee period balances in eligible Wells Fargo accounts will be automatically totaled. Eligible accounts include consumer deposit account balances (checking, savings, CDs, FDIC-insured IRAs), certain investment account balances, and applicable Wells Fargo bank fiduciary and custody accounts.</p><br> <p>- $500 or more in total qualifying electronic deposits. A qualifying electronic deposit is a deposit of funds, such as your salary, government benefit payment, or other income, that has posted to your account and is (1) a direct deposit made through the Automated Clearing House (ACH) network, (2) an instant payment processed through the RTP® network (real-time payment system) or FedNow℠ Service, or (3) an electronic credit from a third party service that facilitates payments to your debit card using the Visa® or Mastercard® network (e.g., an Original Credit Transaction). Transfers from one account to another, mobile deposits, Zelle®, or deposits made at a branch or ATM are not considered a qualifying electronic deposit.</p><br> <p>- A primary account owner who is 17 to 24 years old. (When the primary account owner reaches the age of 25, age can no longer be used to avoid the monthly service fee.)</p><br> <p>- A qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program. You will receive your Worldwide Military Banking program benefits 45 days after your qualifying non-civilian military direct deposit is deposited into your eligible Wells Fargo checking account. For more information on the qualifying non-civilian military direct deposit, program qualifications and benefits, please visit <a href="https://www.wellsfargo.com/military/worldwide-military-banking/">wellsfargo.com/military/worldwide-military-banking</a><a href="https://wellsfargo.com/military/worldwide-military-banking or wellsfargo.com/depositdisclosures"> </a> or <a href="https://wellsfargo.com/depositdisclosures">wellsfargo.com/depositdisclosures</a>.</p> <ul> <ul> <ul> </ul> </ul> </ul> | $0 or $25 | $0 or $35 |
| Fee waiver | Yes, fee waivers for:
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Yes, fee waivers for:
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Yes, fee waivers for:
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Yes, fee waivers for:
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| Interest-bearing? | No | No | Yes, earns 0.01% (as of 11/05/25) APY | Yes, earns 0.01% (as of 11/05/25) APY |
Bank of America vs. Wells Fargo: Compare savings
Bank of America and Wells Fargo offer basic savings accounts with very, very low yields relative to the best high-yield savings accounts. With both banks, savings APYs are lower than the national average of 0.39% (as of 12/15/25), according to the FDIC. Plus, these banks both charge monthly fees unless you meet the fee waiver requirements.
That said, it can still be worth opening a savings account with either financial institution if you have a checking account with that bank and want to keep a small stash of cash for emergencies or overdraft protection. Neither provides money market accounts (though Bank of America used to).
| Bank of America savings | Wells Fargo savings | |
| APY | 0.01% (as of 10/10/25) to up to 0.04% (as of 10/10/25)13 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> | 0.01% (as of 11/05/25) to 0.01% - 0.05% (as of 12/06/25) |
| Minimum deposit | $100 | $25 |
| Monthly fee | $0-$8 | $0-$12 |
| Monthly transaction limits | None | None |
| Overdraft protection | $0 | $0 |
Bank of America savings
Bank of America has just one savings account option: Advantage Savings. It's a basic savings account with a low APY. But there are several ways to qualify for fee waivers, so it can complement a Bank of America checking account without potentially costing you.
| Advantage Savings | |
| APY | 0.01% (as of 10/10/25) |
| Minimum deposit | $100 |
| Monthly maintenance fee | $0 or $8 |
| Fee waiver | Fees waived based on age, meeting daily balance requirements, or Preferred Rewards enrollment |
Wells Fargo savings
Wells Fargo has two savings accounts: Way2Save and Platinum Savings. Way2Save is a basic savings option best for families who want to teach children how to manage their money or for young adults who want a low-cost savings account (though it is possible, and extraordinarily easy, to find outstanding savings accounts without minimum balance requirements or monthly fees).
The Platinum Savings account has a higher monthly fee, and you can potentially qualify for a higher APY if you have a Wells Fargo checking account.
| Way2Save | Platinum Savings | |
| APY | 0.01% (as of 11/05/25) | 0.01% - 0.05% (as of 12/06/25) |
| Minimum deposit | $25 | $25 |
| Monthly fee | $0 or $5 | $0 or $12 |
| Fee waiver | Fees waived based on age, meeting daily balance requirements, and completing automatic transfers | Fees waived based on meeting daily balance requirements |
Bank of America vs. Wells Fargo: Compare other accounts and services
Neither Bank of America nor Wells Fargo offer money market accounts, but both offer certificates of deposit (CDs) with higher-than-average rates, especially for big banks.
In general, Wells Fargo often offers higher APYs than Bank of America on CDs. On its promotional CDs, you could earn an interest rate that beats the national average by a wide margin.
Both banks also offer other financial products, including:
- Credit cards
- Auto loans
- Mortgages
- Investment accounts
- Wealth management
Bank of America doesn't offer personal loans, but Wells Fargo allows borrowers to take out loans of up to $100,000.
Learn more: Compare Bank of America credit cards to Wells Fargo credit cards.
Bank of America vs. Wells Fargo: Compare fees
| Bank of America | Wells Fargo | |
| Overdraft fee | $10 | $35 |
| Insufficient funds fee | $0 | $0 |
| Cash deposit fee | $0 | $0 |
| ATM fees | $0-3% per transaction or $5 | $0-$5 |
| Excess transaction fee | $0 | $0 |
| Stop payment fee | $0-$30 | $0 |
| Foreign transaction fee | 3% of the transaction amount | 3% of the transaction amount |
| Wire transfer fees |
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In general, Bank of America has lower fees than Wells Fargo. It also doesn't charge insufficient funds fees and has a larger network of fee-free ATMs.
However, if you have to complete a wire transfer, Wells Fargo may be less expensive.
If your focus is on minimizing fees and earning higher interest rates, neither Bank of America nor Wells Fargo may be the best option for you. If you're willing to sacrifice in-person branch access for lower fees, consider online or digital banks. You can find checking and savings accounts without monthly service, overdraft, ATM, or many other fees. Plus, online banks tend to offer higher APYs.
Bank of America vs. Wells Fargo: Compare customer experience
When it comes to customer experience, both Wells Fargo and Bank of America have mixed reviews and low Trustpilot ratings. For both, customers complain about payment processing issues and problems getting a hold of helpful customer service representatives.
"The company kept me on their computer answering service. … I finally got a representative and then I was transferred from person to person for another 90 minutes. … It took them another thirty minutes but they finally fixed it," claimed one Trustpilot customer about Wells Fargo.
With Bank of America, customers complain of frustrating experiences with phone customer support.
"The bank charges you when you are not careful and pays close [to] zero interest.
When you call for customer support, it authenticates you again and again and again, before you can talk to a real person." — said one customer about Bank of America.
That said, Bank of America has a strong reputation for its mobile banking. In fact, J.D. Power ranked it the top national bank in its U.S. Banking Mobile App Satisfaction Study.
FAQs
Is Bank of America or Wells Fargo better?
No single bank is best for everyone. In the battle between Bank of America and Wells Fargo, we found that Bank of America was best for those who prefer digital or mobile banking. Wells Fargo may be a better fit for those looking for tools to manage their spending and budgets.
What are the disadvantages of Bank of America?
Bank of America tends to have lower-than-usual rates on its savings accounts and CDs, which is one of its biggest disadvantages. However, this is a common downside for many big banks.
What are the disadvantages of Wells Fargo?
Compared to Bank of America, Wells Fargo tends to have lower customer satisfaction ratings. The bank also has low interest rates on many of its deposit products, as well as monthly maintenance fees.
Bottom line
Both Wells Fargo and Bank of America boast a broad, national reach with brick-and-mortar branches and widespread ATM networks. If you prefer digital and mobile banking, Bank of America is the standout choice. Wells Fargo may be better if you want help managing your budget.
Whichever bank you choose, look at banking fees, minimum deposits, and withdrawal limits before opening an account. For a bank without fees, check out our picks for the best monthly fee-free banks.
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